In a statement, the corporate regulator announced Mackellar Financial Services’ Australian financial services licence was cancelled “for continued failure to lodge financial statements and auditor’s reports for a period of four years”.
The cancellation comes after ASIC announced on 9 November it was handing down a licence suspension to Mackellar from 31 October 2017 to 30 April 2018.
At the time, the suspension was because ASIC had found the firm had failed to lodge financial statements for a period of two years, not four.
“Licensees are required to lodge financial statements and auditor’s reports with ASIC to demonstrate their capacity to provide financial services,” the statement said.
“Failure to comply with reporting obligations can be an indicator of a poor compliance culture.”
Typical ASIC- fishing for the small Fries. Why don’t they cancel the licence of someone like AMP or CBA who have created more damage to the industry and to consumers than the administrative error these guys have done!
Whoopy do meanwhile the advisers and firms that have failed to do reviews etc have no action taken by the toothless tiger
Should have been done after 1 year of non lodgement.
That is proactive on the part of ASIC!!
This is typical of the poor com ppl liance culture ST THE REGULATOR!!! How does ASIC not act after they are no more than 3 months overdue for the FIRST year!!!
Seems like ASIC compliance and back office needs an overhaul 4 years how can that be… ASIC needs to be accountable maybe a royal commission into ASIC is needed they seem to be failing yet again.
Unbelieveable![i] Four years in a row![/i] Boggles the mind for an AFSL to do that. What the hell else was amiss in their house? Wonder if they missed their income tax returns 4 years in a row . . . they’d know about it then! BTW, [i]I wonder why it took ASIC 4 years to notice this?!![/i]
for over four years……really???. Good to see ASIC on the ball!